Kabir Ahmed, Commercial Manager at Wesleyan, looks at ways you can save on your insurance costs...
As the cost of living crisis deepens, we are all having to look at our expenses and outgoings. Insurance is something that can often be overlooked when budgeting and with the new pricing guidelines from the regulator, it may seem pointless to shop around - but there are some ways you can get better deals.
Of course, it’s also important to keep the right balance - cutting costs on insurance can sometimes mean cutting the quality of cover and you still need to ensure you are adequately protected.
Change how you pay your premiums
If you can afford to, try to pay your policies annually. Brokers and insurers may charge interest on monthly payments and the interest rate varies. If monthly payments are the best option for you, then be sure to compare the total price including the interest as often comparisons are made on the annual premium and the true cost is overlooked.
Where to look for alternative quotes
There are a lot of channels available to you, particularly for motor insurance. The most common ones are going to aggregators, going direct to the insurer or using a broker. Different aggregators may have different rates for the same insurer. It’s worth paying particular attention to set up and adjustment fees, excesses and add-ons. Some big insurers are not on comparison sites, it’s worth reaching out directly as premiums can be lower as they don’t have to pay commissions to third parties.
Finally, with so many choices from aggregators and direct insurers, using brokers may seem old fashioned but good brokers offer advice and they can assess your insurance requirements to get you exactly what you need. Plus, you can haggle.
When it comes to your practice insurance, always opt for an advice service. Your practice has many variables that need covering, and this is an area that needs specialist support from people who understand the peculiarities of a dental business.
Sometimes it helps to have someone who can take this off your hands and look at the best options out there for you.
If you’d like support in reducing your insurance costs as well as maintaining quality cover across all your insurance needs, you can book a no-obligation financial review with a Specialist Financial Adviser from Wesleyan Financial Services.